Nightlife

Author: admin

  • ACECN makes a Stronger Case for Africa’s Emerging Sustainable Built Environment

    ACECN makes a Stronger Case for Africa’s Emerging Sustainable Built Environment

    By: Mohammed A. Abu

    The second edition of African Continental Engineering, Architecture, Construction and Real Estate Summit(ACEACRES,2024) the flagship event of the Africa Continental Engineering & Construction Network Ltd (ACECN),the organizing company, recently ended successfully  in Ghana’s capital city of Accra with a clarion call on the need to include sustainability practices especially in Ghana, Africa’s Sustainable Urban Built Environment.

    Professor, Taddeo Rusoke, a Ugandan Governance and Nature Solution Expert said, the sustainability practices included, allowing space for Green Belts, Green Spaces, Green Natural Gardens, Flower Gardens, Backyard Gardens, and Tree Growing.

    This he noted, will contribute to ambient environment that is naturally aerated by trees. Prof Busoke was one of the Key Speakers who made a presentation titled, “The Future of Forest Conservation in the Wake of Rising Global Housing Demand”

    In his concluding remarks, Mr. Daniel Kontie the convenor and CEO of ACECN, in partnership with other industry stakeholders, stressed the need to rotate the Summit across the African continent.

    Even though he was emphatic about holding the third edition in Ghana, he added that subsequent editions will either be hosted by Nigeria or Uganda in a rotating order.

    Held under the theme, “INTEGRATING SUSTAINABLE BUILT ENVIRONMENT FOR SOCIO-ECONOMIC TRANSFORMATION THROUGH THE USE OF NEW GENERATION TECHNOLOGY AND GENERATIVE ARTIFICIAL INTELLIGENCE”., the event brought together all sector players across the African continent and beyond to discuss industry best practices, modern innovations and technologies that are shaping the future of built environments across the globe.

    The event attracted a wide range of stakeholders in the built environment; the building contractors, construction firms, engineers, surveyors, planners, architects, project managers, land economists, real estate developers, builders, landscaping professionals, real estate professionals, building construction, professional Institutions, investors among others

    The Summit recorded a little over three hundred (300) in-person participants from Nigeria, Uganda and the United States of America (USA), with majority from the host country Ghana.

    Africa

    Nigeria

    Some of the high profile in-person participants from the African Continent were the keynote speaker Madam Engr. Margaret Aina Oguntala, FNSE, President, Nigerian Society of Engineers (NSE) Engr. Olu Ogunduyile FNSE Vice President, Council for the Regulation of Engineering in Nigeria (COREN),  Engr Dr. Modasiru Bola J. (Principal Partner, Prolarank Nigeria Ltd and General Secretary, the Nigerian Institution of Highways and Transportation Engineer (NIHTE),  Dr. Bldr. Abdulhakkeem Odegade, MD/CEO, Akmodel Group, Lagos, Nigeria,

    Mr, Stephen Merritt, USA, Roadbond EN1 & Technical Consultant, Jemba Solutions etc.

    Ghana

    Among the local industry leaders present were Ing. Isaac Bedu, Registrar, Engineering Council, Ghana, Engr. Seth Ayim, Executive Director, Institute of Engineering and Technology Ghana (IET-GH), Engr. Ben Debrah, National President, Local Government Service Engineers (LoGSEA), Engr. Awal Sakib Mohammed, National President, Ghana Electrical Contractors Association (GECA), Dr. Ebenezer Mireku, President, Commercial Quarry Operators Association (COQOA), Mr. Samuel Nii N. Tackie, National Vice President, Certified Electrical and Wiring Professionals Association (CEWPAG), Engr. Jacob Ansong, National President, Ghana Institution of Real Estate Brokers (GhIREB), Dr. Gabriel Apotey, member, Ghana Institute of Safety and Environmental Professionals (GhISEP) etc.

    East Africa

    Uganda

    Prof. Taddeo Rusoke, Climate Governance & Nature-Based Solutions Expert, Uganda, East Africa, Dr. John Rwakihembo, PhD (Accounting & Finance): Dean, Faculty of Business and Management Sciences, Mountain of the Moon University, Uganda, East Africa

    North America

    USA

    Mr., Stephen Merritt, USA, Roadbond EN1 & Technical Consultant.

    Issues Discussed

    Among the key issues discussed at the event was the urgency of integrating the African Built Environment, about which Mr. Daniel Kontie the convener of ACEACRES, 2024 and the CEO of the organizing company, the Africa Continental Engineering & Construction Network spoke passionately about.

    He added that, integration makes the cake no longer a national cake but a continental cake bigger than what anyone can bite hence making the opportunities bigger for all industry players.

    The others were major factors affecting the industry growth, the impact of AI on the built environment, the adoption of sustainability and how industry issues affect the delivery of housing and infrastructure in Ghana and Africa at large.

    Opportunity for Sponsors

    Sponsors had the opportunity to engage in B2B, B2C networking opportunities, with some connected with manufacturers, distributors, wholesaler’s retailers as well as end consumers. Many had the opportunity to meet potential investors, enhanced their brand visibility, generated real time leads, gained industry insights, modern trends, identified new business opportunities, sealed partnership deals, shared product knowledge and utility information with potential customers, demonstrated their unique selling proposition to potential customers, built strong network with influential industry players, connected with top-rated projects /contractors/professionals in Ghana and across the African continent etc.

    What Participants Stood to Gain

    Participants on their part,had the opportunity to network with industry leaders, access to cutting edge insights and new trends, learnt from successful case studies, built personal capacity for resilience, exposed to new business opportunities, gained inspiration and motivation from industry thought leaders, built relationship with potential employers/employees and mentors, accessed innovative products, met with potential investors, shared their perspective during Q&A session, identified lucrative business niches in the industry et cetera.

    Event Partners

    The event Partners include, the Ghana Institution of Engineering and Technology (IET-GH), the Association of Building and Civil Engineering Contractors of Ghana (ABCECG), the Ghana Electrical Contractors Association (GECA), Ghana Institute of Construction (GIOC), Certified Electrical Wiring Professionals Association (CEWPAG), Ghana Association of Real Estate Brokers (GAREB), Local Government Service Engineers Association (LoGSEA), Commercial Quarry Operators Association (COQOA), Engineering Council, Ghana, (EC), the Real Estate Council, (REAC), the Ghana Institute of Safety and Environmental Professionals (GhISEP), the Nigerian Society of Engineers (NSE) with Nimark Consult, and Culnad Construction Ltd, as construction firms among several others.

    Event Sponsors

    The Principal Sponsors of the event include, Gerflor Ghana, Meprolim Ghana, as headline sponsors. The rest are Premier Steel, McDan Group, Jemba Solutions Ltd, Fort Doors Ghana, the Primus Group, Alusynco Hellas Services Ltd, Marbelino Marble Stones Décor, Mayfair Estate Ltd, Reroy Cables Ltd, J2 Affable properties, Sethi Realty, Sethi Steel, Nimark Consult, ABS Properties, United Commercial Trading, Culnad Construction, CIMAF, Magil Enterprise Ltd.

    The organizer is the Africa Continental Engineering & Construction Network Ltd (ACECN), a Pan African built environment and real estate firm based in Ghana but with a wide range of projects and network of built environment professionals across the African continent and beyond.

    ACECN’s Objective

    “The objective, Mr. Kontie said, was to set the stage for the integration of the African built environment whilst creating the opportunity for more partnerships/collaborations and the promotion of sustainability for corporate growth and for the African continental prosperity at large”

    Mission

    The mission is to be the industry game-changer in the delivery of superior general built environment services in all disciplines while championing the course of contemporary innovations and sustainability geared towards the socio-economic transformation of the African continent.

    Vision

    Its vision is to be among Africa’s top five (5) built environment brands in the next 10 years from 2024 while creating a strong continental network and integration of Africa’s fragmented built environment through a high-power professional, intergovernmental and sustainability networking across the globe.

    In a post event exclusive interview with the Eco-Enviro News Africa magazine., Daniel Kontie, said, the Summit brought together all stakeholders of the African built environment.

    “It was indeed a time of introspection that examined the past, the present and projections into the future of the African built environment in this AI dispensation.

    “The core mandate was to communicate to all stakeholders yet again, the urgent need to integrate the African Built Environment for Socio-Economic Transformation of the African Continent.

    “It was by far Africa’s most impactful built environment and Real Estate Summit that brought together all sector players across the African continent and beyond to discuss industry best practices, modern innovations and technologies that are shaping the future of built environments across the globe” Mr. Kontie intimated.

    Objective

    “The objective, Mr. Kontie said, was to set the stage for the integration of the African built environment whilst creating the opportunity for more partnerships/collaborations and the promotion of sustainability for corporate growth and for the African continental prosperity at large”

     

     

  • COP29 ends with compromise on climate financing

    COP29 ends with compromise on climate financing

    The UN climate change conference ended on 24 November with a pledge from developed nations to contribute at least $300 billion annually to support adaptation.

    After two weeks of intense negotiations, delegates at COP29, formally the 29th Conference of Parties to the UN Framework Convention on Climate Change (UNFCCC), agreed to provide this funding annually, with an overall climate financing target to reach “at least $1.3 trillion by 2035”.

    This summit had been dubbed the ‘climate finance COP’, and representatives from all countries were seeking to establish a new, higher climate finance goal.

    The target, or new collective quantified goal (NCQG), will replace the existing $100 billion goal that is due to expire in 2025.

    Reacting to the outcome, UN Secretary-General António Guterres said that while an agreement at COP29 was absolutely essential to keep the 1.5-degree limit alive, “I had hoped for a more ambitious outcome – on both finance and mitigation – to meet the great challenge we face.”

    But he continued, this agreement provides a base on which to build and added: It must be honoured in full and on time. Commitments must quickly become cash. All countries must come together to ensure the top-end of this new goal is met.”

    Developing countries, which had sought over $1 trillion in assistance, said the pledge of financing was too little too late.

    The WMO delegation at COP29, headed by Secretary-General Celeste Saulo, highlighted the urgency of drastic reductions in greenhouse gas emissions – and more financing to build resilience, and in particular to strengthen early warning systems.

    According to WMO’s State of the Climate Update, the year 2024 is on track to be the hottest on record and temporarily hit 1.5°C. Greenhouse gas levels are at record observed levels. Sea level rise is accelerating, glacier retreat is unprecedented, and extreme weather events have caused major loss of life and livelihoods around the world.

    “The time for action is now,” said Celeste Saulo. “If you want a safer planet, it’s our responsibility. It’s a common responsibility, a global responsibility,” she said.

    The COP29 outcome is a gesture of support for the most vulnerable, said Celeste Saulo. But much more needs to be done.

    Celeste Saulo, WMO Secretary-General, at COP29
    Following on from COP29, WMO will prioritize accelerated action to strengthen global climate mitigation and adaptation, and reduce loss and damage. It will continue leveraging its State of the Climate reports to inform climate policy, finance, and action.

    Key focus areas include scaling up the Early Warnings for All initiative to ensure comprehensive early warning coverage, and advancing Global Greenhouse Gas Watch to improve monitoring and mitigation.

    Another priority is to close the gaps in Earth observations. These are necessary to inform both mitigation and adaptation, as was noted in the SBSTA Chair summary. WMO will take a similar approach to closing the gaps in Multi-Hazard Early Warning Systems.

    At COP29, additional contributions were announced to the United Nations Systematic Observations Financing Facility (SOFF) that is now capitalized with more than US $100 million to support countries in closing their basic weather and climate data gaps.

    A consolidated WMO strategy to support countries in updating Nationally Determined Contributions (NDCs) and National Adaptation Plans (NAPs) to reflect these elements will be developed. A critical element will be positioning National Meteorological and Hydrological Services (NMHSs) as the authoritative voice of hydro-meteorological early warnings and central actors in driving science-based solutions, ensuring their enhanced role in implementing climate policies and strategies worldwide.

    Wide shot of the plenary hall at the UN climate conference, COP29, in Baku, Azerbaijan.
    UNFCCC/Kiara Worth
    Other steps forward at COP29 included:

    Countries agreed on the rules for a UN-backed global carbon market. This market will facilitate the trading of carbon credits, incentivizing countries to reduce emissions and invest in climate-friendly projects.

    They agreed to an extension of a programme centered on gender and climate change; and agreement on support for the least developed countries to carry out national adaptation plans.

    UN Climate Change Executive Secretary Simon Stiell described the new finance goal agreed at COP29 as “an insurance policy for humanity.”

    “This deal will keep the clean energy boom growing and protect billions of lives.  It will help all countries to share in the huge benefits of bold climate action: more jobs, stronger growth, cheaper and cleaner energy for all. But like any insurance policy – it only works – if the premiums are paid in full, and on time.”

    He acknowledged that no country got everything they wanted, and that the world leaves Baku with a mountain of work to do. “So, this is no time for victory laps. We need to set our sights and redouble our efforts on the road to Belém,” in the eastern Amazonian region of Brazil, which is set to host COP30 next year.

    Further reading:
    UNFCCC concluding press release
    COP29 website

    SOURCE

    UN NEWS

  • Solutions for Igniting Africa’s Digital Revolution – Insights from “Unstoppable Africa”

    Africa is steadily progressing in its digital transformation, drawing on the continent’s resources, creativity, and youthful demographic to drive change—yet there remains significant ground to cover. As the digital era continues to accelerate, we must seize this opportunity to position Africa as a key player on the global stage. If we fail to act decisively and work together, we risk being sidelined in the global digital landscape.

    At the recent “Unstoppable Africa” event hosted by the Global Africa Business Initiative in New York on the sidelines of the UN General Assembly High-Level week, I led a panel discussion titled ‘The Panel of the Future: Solutions for Igniting Africa’s Digital Revolution.’

    During the panel discussions, esteemed speakers — including H.E. Paula Ingabire, Minister of ICT & Innovation for Rwanda; Mr. Peter Ndegwa, CEO of Safaricom; Ms. Doreen Bogdan-Martin, Secretary-General of the International Telecommunications Union (ITU); and Mr. Cheick Camara, Vice President & Managing Director of ServiceNow Africa — each brought a unique perspective on how Africa can leverage its strengths to build a robust digital economy.

    H.E. Paula Ingabire highlighted Rwanda’s proactive approach to emerging technologies, positioning the country as a proof-of-concept hub for innovative companies and start-ups to launch, test and scale.

    Mr. Peter Ndegwa stressed that connectivity must be a fundamental right across the continent, with Safaricom already scaling up its assembly of affordable smartphones, while Ms. Doreen Bogdan-Martin was optimistic about Africa achieving significant digital transformation by 2030. Mr. Cheick Camara reminded us that it is essential for Africa to create and contribute to AI models. In addition, AI alone will add $16 trillion to the global economy by 2030, a wave that Africa must not miss.

    The reality is that African nations are at a critical turning point, confronted with the risk of being sidelined in the global digital race. As countries worldwide rapidly embrace technological advancements, particularly in fields such as artificial intelligence (AI), machine learning, and data analytics, the continent must act swiftly to avoid being marginalized.

    The pace of innovation and technological advancement is incredible. Daily, new developments take place, reshaping industries and redefining how we live and work. Since we last gathered at Unstoppable Africa, the technological landscape has evolved rapidly, highlighting the critical need for African nations to keep pace with global trends.

    One of Africa’s most significant advantages is its youthful population. With over 60% of Africans under 25, we are blessed with a demographic comfortable with technology and eager to experiment – qualities that are vital for driving technological advancement.

    Alongside our youthful population, Africa boasts a wide variety of cultures. The panel discussion emphasized that promoting a culture of creativity is essential for achieving sustainable growth. This means creating an environment where new ideas can flourish, and failure is seen as a steppingstone to success rather than a setback.

    To capitalize on these strengths, however, African nations must prioritize investments in education and technology infrastructure. An educational system that includes digital literacy, critical thinking, and project management skills is essential to preparing the workforce for the digital economy.

    Beyond driving digital success, project management empowers Africa’s young leaders with the frameworks and skills needed to address complex challenges in an ever-evolving digital landscape, building a future-ready workforce that can take African innovations to scale.

    Furthermore, enhancing technology infrastructure—such as improving internet access and digital services—will empower citizens to participate actively in the digital economy. This is consistent with the four key pillars of Africa’s digital revolution namely: Digital Infrastructure and affordable devices, Internet access and cost, Digital skills and education, and Digital Innovation.

    By empowering citizens with knowledge and access to technology, African nations can cultivate a skilled workforce capable of leading innovation in various sectors, from agriculture, where digital tools can boost productivity and sustainability, to healthcare, where telemedicine and AI-driven diagnostics offer new solutions for widespread challenges. Fintech and renewable energy also represent high-impact areas where African innovations are already showing potential to lead globally.

    Additionally, the insights shared by our panelists highlighted the importance of collaboration among various stakeholders—governments, businesses, civil society, and international partners.  This collaborative approach is essential for building an ecosystem where digital technologies can thrive, enabling Africa to contribute meaningfully to global advancements and ensuring that the continent leads in certain areas of the digital revolution.

    Government policies can provide the regulatory frameworks and infrastructure needed for digital growth, while businesses bring in expertise, resources, and technology to accelerate technological advancement. Project management is essential in transforming these ideas into reality. By leveraging project management principles, countries and companies on the continent can strategically allocate resources, streamline efforts, and scale innovations across multiple sectors.

    Beyond driving digital success, the discipline empowers Africa’s young leaders with the frameworks and skills to address complex challenges in an ever-evolving digital landscape, building a future-ready workforce. Civil society offers critical perspectives on inclusivity and the ethical use of technology, while international partners bring valuable experience and investment to support Africa’s digital journey.

    This collaborative approach empowers Africa to move beyond simply “catching up” with the rest of the world; it positions the continent to lead in key areas of the digital revolution, from fintech and digital agriculture to health tech and renewable energy. By leading in such sectors, the continent can redefine its role in the digital age, showcasing the transformative potential within its borders.

    Now is the time to join forces and drive a digital revolution that secures a prosperous and inclusive future for the continent and generations to come!

  • 5th Session of the Intergovernmental Negotiating Committee to Develop an International Legally Binding Instrument on Plastic Pollution, Including in the Marine Environment

    5th Session of the Intergovernmental Negotiating Committee to Develop an International Legally Binding Instrument on Plastic Pollution, Including in the Marine Environment

    In their last scheduled meeting to agree on treaty text to “end plastic pollution,” negotiators may base their discussions on a new non-paper by INC Chair Luis Vayas that builds on the common ground between countries.

    With seven days left to agree on a new treaty text on plastic pollution, Kim Wan Sup, Minister of Environment, Republic of Korea, set the stage for the final scheduled round of negotiations, stressing that “we must end plastic pollution before plastic pollution ends us.” As science continues to reveal the layers of impact due to the burden of plastic pollution, including to human health and the Earth’s ecosystems, this statement struck a chord with many delegates on the first day of the fifth session of the Intergovernmental Negotiating Committee (INC-5) to develop an international legally binding instrument (ILBI) on plastic pollution, including in the marine environment.

    In his opening remarks, INC Chair Luis Vayas Valdivieso (Ecuador) emphasized that adopting an agreement to end plastic pollution is possible at this meeting, and urged delegates to show “unwavering commitment, relentless effort, and bold political decisions.

    In a video message, President Yoon Suk Yeol, Republic of Korea, urged delegates to stand together in solidarity and muster the political will to reach agreement on an effective and implementable instrument covering the full plastic lifecycle.

    Also in a video message, Cho Tae Yul, Minister of Foreign Affairs, Republic of Korea, stated that his country is fully prepared to work toward a treaty that is actionable, grounded in scientific evidence, and adaptable to national contexts.

    Reminding delegates that this day marked 1000 days since the UN Environment Assembly (UNEA) adopted resolution 5/14 to end plastic pollution, Inger Andersen, Executive Director, UN Environment Programme, urged them to: work towards bringing the “gavel down” on an ambitious instrument providing the broad contours and strokes for further work; conclude negotiations quickly on provisions with respect to which there is considerable convergence; and use UNEA resolution 5/14 as a “guiding star” when addressing provisions on which significant work remains, concerning plastic products and chemicals, supply, and finance. Jyoti Mathur-Filipp, Executive Secretary, INC Secretariat, lauded the courage and determination shown by INC members over the past two years, and the strong community built together over this period.

    After getting assurances that the rule of procedure related to voting in the absence of consensus would not be invoked, delegates shared views on the mode of work, including the text to be used as a basis for negotiations.

    Several delegations announced that the Chair’s Non-Paper, which had been circulated in advance of the meeting, should not be used as a basis for discussions in its current form, calling instead for a revised version, reflecting submissions by states and emphasizing that this “is a state-driven process, and the compilation text reflects the views of states.” They also underlined the need to include separate articles related to the objective, scope, and principles governing the new treaty, which are absent from the Non-Paper.

    Many more states, however, supported the Non-Paper providing the basis for negotiations, noting that the text can be modified based on members’ additions through the negotiation process. Most states in this camp noted that the Non-Paper is not perfect, but expressed a willingness to use this “bridging text” as the basis for negotiating the new treaty in order to fulfil the Committee’s mandate to conclude treaty negotiations by the end of 2024, as stipulated in UNEA resolution 5/14.

    INC Chair Vayas emphasized that the Non-Paper is a starting point for deliberations, and not a final outcome, stressing that the text is bracketed in its entirety and does not prejudge member’s positions. Furthermore, he said that the compilation text will provide an authoritative reference and that all issues will receive equal attention.
    He clarified that members would be able to make additional submissions in the contact group discussions; and pointed to the role of the legal drafting group, which would streamline the text forwarded to it throughout the week. Delegates agreed to work on the basis of this proposal, and plenary was adjourned.
    In the evening, two contact groups convened:

    • Contact Group 2, co-chaired by Oliver Boachie (Ghana) and Tuulia Toikka (Finland), broadly addressing plastic waste management, emissions and releases, existing plastic pollution, including in the marine environment, and just transition; and
    • Contact Group 4, co-chaired by Han Min Young (Republic of Korea) and Linroy Christian (Antigua and Barbuda), opening considerations on implementation and compliance, national plans, reporting, monitoring of progress and effectiveness evaluation, information exchange, and awareness, education and research.
    • SOURCE(EARTH NEGOTIATIONS BULLETIN)
  • Launch of World Advanced Manufacturing & Logistics Expo & Summit (WAM Morocco) 2025 to Advance the Country’s Shift Towards Next-Generation Industries and High-Value Manufacturing

    Launch of World Advanced Manufacturing & Logistics Expo & Summit (WAM Morocco) 2025 to Advance the Country’s Shift Towards Next-Generation Industries and High-Value Manufacturing

    CASABLANCA, Morocco, November 25, 2024/ — KAOUN International (www.KAOUN-int.com/), Organizer of GITEX, Launches WAM Morocco 2025 with Commitment and Unified Support from Morocco’s Ministry of Industry and Trade, CGEM, and AMDIE; WAM Morocco 2025 Will Spotlight Advanced Manufacturing, Sustainable Practices, Next-Gen Logistics, and AI Innovation to Accelerate Industrial Growth.

    The World Advanced Manufacturing & Logistics Expo & Summit (WAM Morocco) will debut in Casablanca, with unified support to catalyse Morocco’s thriving manufacturing economy towards next-generation industries.

    Endorsed by the Moroccan Ministry of Industry and Trade and in partnership with key partners, namely the General Confederation of Moroccan Enterprises (CGEM) and the Moroccan Investment and Export Development Agency (AMDIE), WAM Morocco aims to expand the nation’s industrial base, foster new sectors, and drive capacity building for sustainable growth.

    Taking place from 28–30 October 2025 at the Foire Internationale de Casablanca (FIC), WAM Morocco is organised by KAOUN International, the force behind GITEX GLOBAL, the world’s largest and most influential tech and AI show, and GITEX Africa in Morocco – the continent’s largest tech and start-up event.

    Morocco’s robust manufacturing and logistics base in the automotive and aerospace sectors, boosted by initiatives such as the Fez Smart Factory and $600 million National Port Strategy 2030 (http://apo-opa.co/4eQs4iG), has drawn substantial international investment.

    Morocco has become the largest non-European automotive exporter to Europe. In addition, it has a significant presence in the aerospace sector, with exports totalling $2.2 billion and serving major clients such as Boeing and Airbus. Recent advancements in manufacturing and logistics have strengthened Morocco’s foundation, positioning the nation in the global spotlight as it prepares to host WAM Morocco successfully.

    H.E. Ryad Mezzour, Morocco’s Minister of Industry and Trade, expressed his support, stating: “WAM Morocco represents a significant milestone in Morocco’s journey to becoming one of the foremost hubs for advanced manufacturing in Africa and the world.

    Being part of this event highlights our nation’s commitment to innovation, economic resilience, and industrial leadership. By bringing together global and local expertise, we are creating an environment where high-tech innovation and sustainable practices can thrive, propelling our country and the continent towards a prosperous, technology-driven future.”

    The organiser of WAM Morocco and GITEX Africa, Trixie LohMirmand, CEO of KAOUN International, added: “WAM Morocco is a strategic and powerful manoeuvre for Morocco, accelerating the country’s, and the continent’s, prominence in high-tech industries and unlocking unparalleled access to global technological capabilities.

    This event will create powerful competitive advantages for the Moroccan and African ecosystems. By bringing together the best in innovation, investment, and collaboration, WAM Morocco is set to ignite Africa’s next wave of industrial revolution, paving the way for African nations to lead high-speed growth on the global stage.”

    Event Highlights and Strategic Objectives

    WAM Morocco is set to advance and support Morocco’s vision of becoming a sustainable, globally competitive manufacturing hub by showcasing cutting-edge manufacturing and next-generation technologies in AI, quantum computing, 3D printing, blockchain, and mixed reality.

    WAM Morocco shall feature a range of specialised events, including WAP (World Advanced Packing, Printing, and Plastic Technologies), WARM (World Advanced Rubber & Metal Industrial Technologies), and WASIM (World Advanced Sustainable Manufacturing), each dedicated to driving innovation and excellence in their respective fields.

    Built on Morocco’s industrial success, WAM Morocco aims to accelerate its position as a leader in advanced manufacturing by leveraging AI, deep tech, and sustainable practices. The event will foster public-private partnerships, attract foreign investment, and support local capacity-building, creating a lasting economic impact and strengthening Morocco’s role as a high-tech, sustainable manufacturing powerhouse in Africa.

    Chakib Alj, President of the Confederation of Moroccan Enterprises (CGEM), voiced support for the momentum driving Morocco’s industrial transformation, emphasising the importance of public-private collaboration: “This gathering is more than an event—it’s a vital platform for Moroccan businesses, particularly SMEs, to engage on the world stage, connect with leading international innovators, and form partnerships that will accelerate our industrial progress. By uniting our start-ups and industry leaders with global pioneers, we’re laying the groundwork for sustained growth, competitiveness, and economic resilience. We support this significant initiative and look forward to the long-term economic impact it will bring to Morocco and Africa as a whole.”

    For more information, please visit WAM Morocco’s official website.

    Distributed by APO Group on behalf of KAOUN International.
  • Brics+ countries are determined to trade in their own currencies – but can it work?

    Brics+ countries are determined to trade in their own currencies – but can it work?

    By:Academic Journalist,

    Associate Professor, China Studies Centre, University of Sydney

    The Conversation ,First Published,26th November,2024

    Photo(Brics Summit 2024)

    Brics+ countries are exploring how they can foster greater use of local currencies in their trade, instead of relying on a handful of major currencies, primarily the US dollar and the euro.

    The forum for cooperation among nine leading emerging economies – Brazil, China, Egypt, Ethiopia, India, Iran, Russian Federation, South Africa, United Arab Emirates – emphasised this determination at their 16th summit in October 2024.

    Economist Lauren Johnston recently wrote a paper on this development. The Conversation Africa asked her for her insights.

    Why do Brics+ countries want to trade in local currencies?

    There are economic and political reasons to use local currencies.

    Using local currencies to trade among themselves will lower the transaction costs and reduce these countries’ dependence on foreign currencies.

    Over the past few centuries, the world’s economy has developed in a way that makes certain currencies more valuable and widely trusted for international trade. These include the US dollar, the euro, the Japanese yen and the British pound. These currencies hold value around the world because they come from countries with strong economies and a long history of trading globally.

    When people or countries trade using these currencies and end up collecting or holding them, they consider it “safe” because the value of these currencies remains stable and they can be easily used or exchanged anywhere in the world.

    But for countries in the global south, like Ethiopia, whose currency (the birr) isn’t widely accepted outside its borders, trading is far more difficult. Yet these countries struggle to earn enough of the major currencies through exports to buy what they need on international markets and to repay their debts (which tend to be in those currencies). In turn, the necessity of trading in major currencies, or the inability to trade in them, can create challenges that slow down economic growth and development.

    Therefore, even some trade in local currencies between Brics+ members will support growth and development.

    Oil exporter Russia is a unique case. Though there are fewer foreign currency constraints overall, Russia faces extensive financial sanctions for its war of aggression against Ukraine. Using a variety of currencies in its foreign transactions may make it easier to get around these sanctions.

    Politically, the reasons for using other currencies primarily relates to freedom from sanctions.

    One of the tools for making sanctions work is an international payments systems known as Swift (Society for Worldwide Interbank Financial Telecommunication). Swift was founded in 1973 and is based in Belgium. It enables secure and standardised communication between financial institutions for international payments and transactions. And it’s almost the only way to do this.

    It was first used to impose financial sanctions on Iran in 2012, and has since been used to impose sanctions on Russia and North Korea.

    If a country is cut off from Swift, it faces disruptions in international trade and financial transactions, as banks struggle to process payments. This can lead to economic isolation and challenges in accessing global markets.

    The reality, and possibility, of exclusion from Swift’s payments system is one of the factors galvanising momentum towards a new payments system that also relies less on the currencies of the countries that govern Swift – like the euro, Japanese yen, British pound and US dollar.

    What are the likely challenges they will face?

    The Brics+ plan to use local currencies faces some hurdles.

    The central problem is the lack of demand for most currencies internationally. And it’s hard to supplant the international role of existing major currencies.

    If, for example, India accumulates Ethiopian birr, it can mainly only use them in trade with Ethiopia, and nowhere else. Or, if Russia allows India to buy oil in rupees, what will it do with those rupees?

    Since most countries seeking alternatives to dollar dependence tend to sell more than they buy from other countries, or are lower-income importers, they must consider what currencies to accumulate via trade.

    When it comes to payment systems, at least, alternatives are emerging.

    Brics+ is creating its own, Brics+ Clear. Some 160 countries have signed up to using the system. China also has its own, Cross-border Inter-bank Payment System, which broadly works the same way as Swift.

    There’s a risk, though, that these payment methods could merely fragment the system and make it even more costly and less efficient.

    Has trading in local currencies been done elsewhere?

    Not all trade is done in major western currencies.

    For example, in southern Africa, within the Southern African Customs Union, the South African rand plays a relatively important role in cross-border trade and finance. Just as in south-east Asia the currencies of Singapore and Thailand compete to be the dominant currency in the sub-region.

    China – the world’s biggest exporter and producer of industrialised goods – is also signing bilateral currency swap agreements with countries. The goal is greater use of the renminbi in the world.

    As a means of circumventing sanctions, India and Russia recently trialled using the rupee to trade. Russia’s oil exports to and through India have risen strongly since the Ukraine war and some 90% of that bilateral trade takes place in the rupee and rouble. This leaves Russia with a challenge – what to do with all the rupees it has accumulated. These deposits are sitting in Indian banks and being invested in local shares and other assets.

    Another example of efforts to side-step major international currencies is China’s model of “barter trade”. The model works like this: China exports, for instance, agricultural machinery to an African country and receives payment in that country’s currency. China then uses that currency to buy goods from the same country, which are then imported back to China. After these goods are sold in China, the Chinese trader is paid in renminbi.

    Ghana is one country involved in this barter model. Challenges facing the model include the digitisation of payments and trade, and trust – high levels are needed to establish and maintain relationships between trading parties as individuals and as businesses. It also requires some level of centralisation and coordination, but lacks strong laws, regulations and industry standards. This means that different platforms and enterprises may not be compatible, which can add to transaction time and costs.

    Another example is when Chinese investors in Ethiopia make profits in birr. They use these birr to buy Ethiopian goods, like coffee, and export the goods to China. In China, when they sell these goods, they receive renminbi. So they transfer their profits from Ethiopia to China by increasing Ethiopia’s exports to China.

    Anecdotal reports suggest this is feasible at a small scale but has relatively high coordination costs.

    There could be other challenges. For example, if Chinese buyers pay Ethiopian coffee farmers in their local currency, instead of US dollars, it could lead to fewer dollars being available overall. Some international transactions still rely heavily on dollars.

    How should Brics+ nations structure their arrangement?

    There is no simple, or easily scalable, solution to moving past the reliance on major international currencies or circumventing Swift.

    A fast, digital payment system is needed. This system would calculate and balance currency demand efficiently. It must also be reliable, replace parts of the current system, and not create extra costs for countries that aren’t using it yet.

    Although some Brics+ members, like Russia, may have more interest in fast-tracking change, this may be less in the interest of other Brics+ members. A move away from Swift, for instance, requires buy-in from local financial institutions, and those in African countries may not be under pressure to shift to a new lesser-known platform.

    Given these challenges, I argue that Brics+ should progress incrementally. What can happen soon, though, is to conduct some trade in local currency.

    SOURCE

    THE CONVERSATION

  • eFinance Investment Group and Cassava Technologies Sign Partnership to Drive Business Expansion Across Egypt and Africa

    eFinance Investment Group and Cassava Technologies Sign Partnership to Drive Business Expansion Across Egypt and Africa

    CAIRO, Egypt, November 26, 2024/ — eFinance Investment Group and Cassava Technologies (www.CassavaTechnologies.com) have signed an agreement to explore and identify opportunities for collaboration and joint expansion across Africa. The signing ceremony took place during the 28th Cairo ICT Exhibition and Conference, held under the auspices of President Abdel Fattah El-Sisi.

    eFinance Investment Group and Cassava Technologies plan to leverage each other’s respective strengths and experience. Cassava Technologies will bring its extensive African footprint, infrastructure, and continental experience, whilst eFinance will bring its strong market presence and reputation as Egypt’s foremost leader in digital transformation.

    This collaboration aims to introduce innovations to the Egyptian market, drawing on eFinance’s robust presence and trusted reputation and Cassava Technologies’ pan-Africa reach and global partnerships.

    Cassava Technologies, headquartered in the UK, is a global technology leader of African heritage, with presence across Africa, the Middle East, Latin America and the United States of America. Its portfolio includes fiber broadband networks, satellite communications, data centers, renewable energy solutions, financial technology, digital platforms, artificial intelligence, as well as cloud and cybersecurity services.

    e-finance Investment Group is a developer of digital payments infrastructures that was established in 2005 to develop the Government of Egypt’s financial network. Over the course of nearly two decades, the Group has penetrated all corners of Egypt’s digital market and transformed itself into a leading technology-focused investment firm.

    With a dynamic business model and a flexible organizational structure, e-finance is able to focus on multiple target markets through its subsidiaries and maximize its ability to unlock value in the digital payments space.

    The Group boasts a portfolio of subsidiaries that has enabled e-finance’s growth across multiple markets, unlocked synergies across its business lines, and enabled digital transformation for various strategic sectors throughout the nation to support the development of Egypt’s digital economy and drive towards financial inclusion.

    Ibrahim Sarhan, Chairman and CEO of eFinance Investment Group, expressed his pride in partnering with Cassava Technologies, a global leader renowned for its extensive technological solutions and infrastructure across Africa.

    He emphasized that this collaboration represents a significant milestone in offering a unique range of joint services across the African continent, with a particular focus on the Egyptian market, where eFinance continues to lead the digital enablement for financial access across various industries and sectors.

    According to Hardy Pemhiwa, President & Group CEO of Cassava Technologies, “eFinance has a track record of success in driving digital transformation in Egypt which is truly commendable.

    This collaboration between Cassava Technologies and eFinance Group will accelerate the adoption of digital solutions in Egypt and the MENA region. eFinance’s experience across key sectors in Egypt make them an ideal partner for us as we expand our presence in Egypt and the region. This partnership further enhances our ability to deliver on our vision of a digitally connected future that leaves no African behind”.

    Distributed by APO Group on behalf of Cassava Technologies.
  • Africa must strengthen accountability and governance to prosper — Botswana President Duma Boko

    Africa must strengthen accountability and governance to prosper — Botswana President Duma Boko

    GABORONE, Botswana, November 25, 2024/ — Africa’s economic success and sustainability are intrinsically linked to accountable governance, Botswana’s President, Duma Boko, stressed at the opening of the 2024 African Economic Conference in Gaborone.

    “Peace and stability in Africa must be anchored on accountable and responsive governance,” the president said adding, “This is a fundamental human right for every African citizen. It sets the requisite bedrock for any form of measure for our economic development and its sustainability.” He also called on African countries to strengthen democracy and uphold the rule of law.

    The three-day conference, with the theme, “Securing Africa’s Economic Future Amidst Rising Uncertainty,” has brought together leaders, policymakers, and experts to address the continent’s economic challenges and opportunities. Organised by the Government of Botswana, the African Development Bank, the United Nations Economic Commission for Africa (ECA), and the United Nations Development Programme (UNDP), the event seeks actionable solutions for Africa’s economic growth.

    President Boko underscored that transparency, accountability, and respect for the rule of law are critical in attracting foreign investment and fostering sustainable growth. “Africa is at a crossroads,”  he said. “We must confront the obstacles facing our citizens and leverage our collective strengths to secure a prosperous future amidst a volatile global economic environment characterized by rising inflation, supply chain disruptions, and tightening monetary policies.”

    He also underscored Africa’s unique endowments, including its abundant natural resources and youthful population, which could drive transformative growth if governments prioritise education, skills development, and value addition for raw materials.

    Addressing Africa’s Economic and Social Challenges

    The United Nations Under-Secretary-General and Executive Secretary of ECA, Claver Gatete, said Africa faced several pressing issues, including climate change, unsustainable debt, and systemic global inequalities. The  global financial system is failing to serve Africa adequately and needs to be urgently reformed, he said.

    Gatete highlighted that the continent’s annual losses from climate disasters alone are as high as $440 billion, while the financing gap to achieve the Sustainable Development Goals in Africa has surged to $1.3 trillion annually. At the same time, Africa’s external debt surpassed $1 trillion in 2023, with unsustainable interest payments restricting development financing.

    “The human cost is equally staggering. Nearly 476 million Africans live in poverty today, with 149 million falling into this bracket recently due to cascading climate and economic shocks,” Gatete said.

    Regional reforms and integration are critical

    President Boko encouraged African nations to leverage the African Continental Free Trade Area to transform the continent’s economic landscape through increased investment, job creation, and industrialisation.

    “We must not allow the uncertainties of today to deter us from the opportunities of tomorrow,” he told participants.

    Chief Economist and Vice-President of the African Development Bank Prof. Kevin Urama,  urged African countries to adopt innovative, homegrown solutions tailored to its unique challenges. He advocated for strengthened fiscal policies and more resilient resource mobilization to address debt challenges.

    Innovative Financial Solutions for Growth

    UNDP Africa Bureau Director Ahunna Eziakonwa called for innovative and sustainable financial solutions to reduce borrowing costs and address credit rating biases, which cost the continent $76 billion annually.

    “We must take steps to ensure that Africa’s abundant resources finance its growth,” said  Ms. Eziakonwa, adding that, “Africa’s money must work for Africa’s people. We must stem illegal flows where $90 billion is lost. Tens of billions of pension funds, sovereign wealth funds, and insurance funds must work for the continent rather than elsewhere.”

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    For interviews and media inquiries, please contact:
    UNDP
    Eve Sabbagh
    Strategic Communications Specialist
    eve.sabbagh@undp.org

    African Development Bank
    Emeka Anuforo
    Communication and External Relations
    media@afdb.org

    ECA
    Sophia Denekew
    Media Relations
    denekews.uneca@un.org

    SOURCE
    African Development Bank Group (AfDB)

  • Dubai Property Market sets new benchmarks with Over 50,000 Sales Transactions

    Dubai Property Market sets new benchmarks with Over 50,000 Sales Transactions

    Dubai, United Arab Emirates, 20 November 2024: The real estate market in Dubai

    continues to grow at an exponential rate, driven by increasing demand as an investment

    destination, relaxing land ownership regulations, the increasing inflow of expats to the

    Emirate and convenient payment plans offered by developers.

    Breaking records in standard Dubai style, sales of real estate in the third quarter of 2024

    achieved an unmatched milestone, with a total value of almost AED 141.9 billion ($38.7

    billion). This surpasses the previous record of AED 124.07 billion ($33.8 billion) set in the

    second quarter of this year, a 14.4% QoQ increase, making this the largest quarterly sales

    amount ever attained. This strong performance record is a 30.1% value increase YoY, with

    first-sale properties taking the helm.

    The sustained demand for real estate in Dubai, especially from domestic and international

    investors, is demonstrated by this upsurge in activity which has been a consistent trend in

    the post-pandemic market. 50,423 sales transactions in the third quarter represented a

    16.6% increase QoQ and a 37.9% YoY increase in volume of sales.

    The apartment segment continued to lead the way, with 77% of all transactions in Q3

    recording an impressive 39,054 sales transactions valued at around AED 70.5 billion ($19.2

    billion). This number is a staggering 43.9% increase in volume compared to the same

    quarter in the previous year. Villa sales took the second spot with a substantial contribution

    of 8,156 units, sold for over AED 39.2 billion ($10.7 billion), demonstrating an increase of

    16.6% YoY and 18.4% over the Q2.

    Sales of land plots surged, AED 29.9 billion ($8.1 billion) recorded from 2,102 transactions,

    indicating a 45.9% YoY increase in volume and a 42.3% increase from the previous quarter.

    A 12.1% rise in volume over Q3 2023 was recorded in the commercial real estate sector,

    which also did strongly, recording 1,112 sales valued at almost AED 2.3 billion ($626 million).

    Palm Jumeirah continues to hold its position in the luxury property market, with an apartment

    in the neighbourhood selling for an astounding AED 275 million ($75 million) in Q3, making it

    the most expensive single property sold.

    Jumeirah Village Circle continued to top the list of the top five performing locations in Dubai

    in Q3 2024.

    1. JVC: 4,467 transactions valued at roughly AED 5.33 billion ($1.45 billion)
    2. Dubai South: 2,910 transactions valued at AED 8.25 billion ($2.25 billion)
    3. Wadi Al Safa 5 (AED 5.3 billion, $1.44 billion)
    4. Business Bay (AED 7.22 billion, $1.96 billion)
    5. Dubai Hills Estate (AED 7.38 billion, $2.01 billion)

    Overall, the larger portion of transactions, 31%, were houses priced between AED 1-2

    million ($272,000 and $544,000). Twenty-nine percent of properties were below AED 1

    million ($272,000), while 18% were between AED 2-3 million ($544,000 and $816,000). The

    trajectory for higher-valued properties continued, with 14% of all sales were for residences

    valued between AED 3-5 million ($816,000 and $1.36 million), and 8% were for properties

    priced beyond AED 5 million ($1.36 million).

    In light of the staggering growth in Dubai’s real estate market, the 21 st edition of IPS

    Congress, the leading international property sales event in the middle east, ramps up to

    bring together major stakeholders in this booming industry, from April 14 to 16, 2025. With

    an expected attendance of over 16,000 visitors and more than 150 exhibitors from over 45

    countries, this event aims to strengthen Dubai’s global leadership in this industry by fostering

    collaboration with the private sector and international firms aligning with Dubai’s Real Estate

    Strategy 2033.

    Key themes of IPS Congress 2025 will include IPS Real Estate: Highlighting the latest

    trends across the real estate sector; IPS Future Cities: Focusing on the development of

    sustainable urban environments; IPS Proptech Startups: Exploring technological

    innovations in the real estate space; IPS Design: Celebrating creativity in architectural

    aesthetics, and IPS Service: Elevating property management and hospitality standards.

    For more information about the exhibition, please visit: www.ipscongress.com

  • Africa Finance Corporation (AFC) Secures US$300 Million Loan, Expanding Investor Base with Indian Lenders

    Africa Finance Corporation (AFC) Secures US$300 Million Loan, Expanding Investor Base with Indian Lenders

    DUBAI, United Arab Emirates, November 18, 2024/ — Africa Finance Corporation (AFC) the continent’s leading infrastructure solutions provider, has successfully closed a US$300 million India-focused syndicated loan, marking a significant milestone in its ongoing strategy to diversify its international investor base. The transaction introduced a new group of lenders from India, further expanding AFC’s global partnerships.

    This landmark transaction, commemorated in Dubai, underscores AFC’s robust standing as an investment-grade rated development financial institution with a unique ability to attract diverse global investors, furthering its pivotal mission to catalyse infrastructure development across the continent.

    Underlining AFC’s strong position in global capital markets, Bank of Africa UK PLC (BOA UK) acted as the sole mandated lead arranger and bookrunner, assembling a syndicate of seven leading Indian banks. This group included five new lenders—State Bank of India, Canara Bank, Bank of India, Indian Bank, and UCO Bank—alongside two returning lenders, SBI (Mauritius) and Indian Overseas Bank. The lender group behind the transaction reinforces AFC’s strategy of diversifying institutional partnerships and its pivotal role in advancing Africa’s economic growth and industrialization.

    This latest transaction which was oversubscribed by 50% builds on AFC’s fundraising momentum this year, including a landmark US$1.16 billion debt facility that attracted lenders from the Middle East, Europe and Asia. These transactions reflect the Corporation’s growing capacity to mobilise global capital, supported by its A3 credit rating from Moody’s, reaffirmed recently with a stable outlook, which underscores AFC’s sound creditworthiness, strategic positioning in global capital markets, and enhanced capabilities to finance transformative infrastructure projects across Africa.

    “We are very pleased to have achieved this historic milestone with the Indian debt markets,” said Banji Fehintola, Executive Board Member & Head, Financial Services, AFC. “This transaction is a remarkable feat in our efforts to mobilise global capital for development impact.

    With the backing of our A3 credit rating and proven track record of mobilising capital, we remain committed to delivering high-impact initiatives that unlock Africa’s potential. Through transactions like this, we expand transformative opportunities, foster economic resilience, and pave the way for sustainable growth across the African continent. We are grateful to our lenders for their confidence in our mandate and their support for our development goals.”

    Said Adren, Chief Executive Officer, Bank of Africa UK PLC, emphasised the significance of this new chapter in AFC’s fundraising strategy: “We have always believed that there is an appetite for Africa risk in previously unexplored lender geographies like India provided it is presented in the right manner. We hope that this deal paves the way for more capital inflows into Africa.”

    “Indian lenders are unique in their requirements, and we are glad that we could leverage our expertise and successfully execute this landmark transaction for AFC,” said Zineb Tamtaoui, General Manager, Bank of Africa SA, DIFC Branch, and Head Middle East & Asia for Bank of Africa.

    The funds raised through this syndicated loan will be deployed to support transformative projects that will drive long-term positive change across Africa, further cementing AFC’s leadership in advancing impact development.

    Distributed by APO Group on behalf of Africa Finance Corporation (AFC)

    .